Forexpros – U.S. import prices rose more-than-expected in March, posting the largest monthly gain since April 2011, official data showed on Wednesday.
In a report, the U.S. Bureau of Labor Statistics said U.S. import prices rose by a seasonally adjusted 1.3% in March, above expectations for a 0.8% gain.
Import prices for February were revised to a 0.1% decline from a previously reported increase of 0.4%.
Year-over-year, U.S. import prices rose at an annualized rate of 3.4% in March, in line with expectations, after rising at a revised rate of 5.0% in February.
According to the data, higher fuel and nonfuel prices contributed to the advance.
Prices for U.S. exports rose 0.8% in March, following increases of 0.4% in February and 0.2% in January.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD gaining 0.37% to trade at 1.3131.
Meanwhile, U.S. stock index futures held on to strong gains, with the Dow Jones Industrial Average futures pointing to a gain of 0.8% at the open, S&P 500 futures rising 1%, while the Nasdaq 100 futures signaled an advance of 0.85%.
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